Citigroup Plans to Cut 20,000 Jobs.

Citigroup plans to cut 20,000 jobs by the end of 2026, which amounts to about 10% of the bank's workforce. The cuts are part of a restructuring plan led by CEO Jane Fraser, who aims to streamline and simplify the bank. Citigroup's focus will now be on corporate clients, and it has already shed some of its international consumer-banking businesses. The bank reported a net loss in the fourth quarter of $1.8 billion, with revenue falling 3% to $17.4 billion. Despite the job cuts, Citigroup expects its annual expenses to decrease over the next several years. [Extracted from the article]